Cullinan Metals arranges $250,000 private placement

Jun 7, 2023

2023-06-07 17:32 ET – News Release

Mr. Marc Enright-Morin reports

CULLINAN METALS ANNOUNCES PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

Cullinan Metals Corp. has arranged a non-brokered private placement of up to 625,000 flow-through units at a price of 40 cents per flow-through unit for gross proceeds of up to $250,000.

Each FT unit will comprise: (a) one flow-through (FT) common share that will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada); and (b) one-half of one transferable non-flow-through (NFT) common share purchase warrant, exercisable for one non-flow-through common share a price of 60 cents per NFT share for a period of two years from the closing date of the offering.

In the event that the shares trade at a price of $1 and above for 10 consecutive trading days, the company may, at its option, accelerate the NFT warrant expiry date by providing notice to the NFT warrant holders by way of a news release that the NFT warrants will expire on the 30th day from the date of the acceleration notice.

The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The gross proceeds from the issuance of the FT units will be used to incur Canadian exploration expenses and will qualify as flow-through mining expenditures as defined under Subsection 127(9) of act. The company will renounce the qualifying expenditures to the subscribers with an effective date of no later than Dec. 31, 2023, and as required under the act.

Finders’ fees may be paid in accordance with policies of the Canadian Securities Exchange. All securities to be issued under the offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the exchange. There can be no assurance that the offering will be completed, whether in whole or in part.

About Cullinan Metals Corp.

Cullinan is a Canadian mining and exploration company focused on the development of energy metals. Cullinan is focused on key energy resources such as the development of copper, graphite and lithium assets around the world.

We seek Safe Harbor.

https://www.cullinanmetals.com/